CQUniversity Annual Report - Central Queensland University

66Central Queensland Universityand Controlled EntitiesNotes to the Financial Statementsfor the year ended 31 December 2012Note 41. Financial risk management (continued)(d) Fair value of financial assets and liabilitiesThe fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosurepurposes.The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and available-forsalesecurities) is based on quoted market prices at the balance sheet date. The quoted market price used for financial assetsheld by the Group is the current bid price.For those financial instruments not traded in active markets other valuaiton techniques are applied as disclosed in Note 21.The carrying value less impairment provision of trade receivables and payables is a resonable approximation of their fair valuesdue to the short-term nature of trade receivables. The fair value of financial liabilities for disclosure purposes is estimated bydiscounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financialinstruments.Due to the short-term nature of the current receivables, their carrying value is assumed to approximate their fair value and basedon credit history it is expected that the receivables that are neither past due nor impaired will be received when due.The carrying amounts and net fair values of financial assets and liabilities at balance date are:ConsolidatedOn-balance sheet financialinstrumentsNotes2012 2011Carrying amount Fair value Carrying amount Fair value$'000 $'000 $'000 $'000Financial assetsNon-Traded financial assetsCash assets 1718,250 18,250 44,286 44,286ReceivablesAvailable for sale1810,987 10,987 11,265 11,265financial assets 2130,886 30,886 35,500 35,500Unlisted shares 211,813 1,813 1,553 1,55361,936 61,936 92,604 92,604Financial liabilitiesNon-Traded financial liabilitiesPayables 28Provisions 299,948 9,948 9,475 9,47535,133 35,133 31,831 31,83145,081 45,081 41,306 41,306ParentOn-balance sheet financialinstrumentsNotes2012 2011Carrying amount Fair value Carrying amount Fair value$'000 $'000 $'000 $'000Financial assetsNon-Traded financial assetsCash assets 17Receivables 18Available for sale21Unlisted shares 218,170 8,170 29,512 29,51214,487 14,487 18,340 18,340financial assets 30,886 30,886 35,500 35,5002,750 2,750 1,955 1,95556,293 56,293 85,307 85,307Financial liabilitiesNon-Traded financial liabilitiesPayables 288,422 8,422 8,197 8,197Provisions 29 30,968 30,968 27,366 27,36639,390 39,390 35,563 35,563